BUA Cement’s pre-tax profit drops by 54% in Q1
BUA Cement’s second-quarter results for 2024 show a significant decline in pre-tax profit, falling by 54% year-over-year to N18.8 billion…
Author: ayotilewa
MTN, Airtel Cut Foreign Debt as Naira Falls
Telecommunication giants MTN Nigeria and Airtel Africa have significantly reduced their foreign exchange (FX) exposures due to the naira’s severe…
Nigerians experience blackout as national grid collapses again
Nigeria’s electricity grid collapsed once more on Monday, causing a nationwide blackout. The system failure, which happened at 1:33 pm,…
Businesses reopen as states contain simmering protests
On Monday, many businesses in Lagos, including popular markets like Mile 2 and government offices in Alausa and Ikeja, resumed…
Cryptocurrency Market Faces $900M Loss as Bitcoin Prices Drop
In the past 24 hours, the cryptocurrency market experienced $900 million loss, primarily due to the liquidation of long positions…
CBN introduces Dutch auction system to tackle forex shortages
The Central Bank of Nigeria (CBN) has introduced a Retail Dutch Auction System (DAS) to address the fluctuations in the…
African caucus calls for investments, energy access, to boost AfCFTA
The African Caucus, which includes over 50 African Ministers of Finance and Central Bank governors, has urged for better energy…
NCC Extends NIN-SIM Verification Deadline Beyond July 31, 2024
The Nigerian Communications Commission (NCC) has instructed telecom operators to extend the NIN-SIM verification deadline beyond July 31, 2024. This…
Bank directors disagree with Otedola, Elumelu on FX windfall tax
The Bank Directors Association of Nigeria (BDAN) has expressed disagreement with the views of FBN Holdings Chairman Femi Otedola and…
BUA Foods Reports N672.39 Billion Revenue in First Half of 2024
BUA Foods Plc reported N672.39 billion in revenue for the first half of the financial year ending June 30, 2024,…
Civil servants will receive first batch sale of 50kg rice for N40,000, says FG
The Federal Government announced that the initial sale of 50 kg bags of rice at N40,000 will first be directed…
Exchange rate for customs duties collection rises to N1,618/$
The exchange rate for the Nigeria Customs Service (NCS) duties collection has increased to N1618.73/$, up from the previous rate…
Dangote Refinery: Civil Societies to Monitor Crude Sales Compliance by NNPCL
A coalition of 28 Civil Society Organizations (CSOs) announced plans to set up a situation room to monitor the Nigeria…
Dangote diesel sulphur triggers concern, marketers fault rejection report
Reports allege that diesel produced by the $20bn Dangote Petroleum Refinery contains high levels of sulphur. Despite these claims, no…
Public debt stock may hit N130tn by Dec – Report
Nigeria’s public debt is projected to reach N130tn by the end of 2024, with a debt-to-GDP ratio of 55% and…
Effective Communication, a Necessity in Addressing National Protests – 8 fundamental economic accomplishments not yet told articulately
The ongoing protests in Nigeria have highlighted a significant issue: the lack of coordinated communication from government spokespersons. The discourse…
Dangote refinery to gulp N1.7tn crude monthly – Report
President Bola Tinubu has mandated the Nigerian National Petroleum Company (NNPC) to sell crude oil to the Dangote Petroleum Refinery…
UBA emerges most visited Nigerian banking website
United Bank for Africa (UBA) has been named the most visited banking website in Nigeria, with 2.36 million visits in…
FG non-oil savings rise by N4tn – NBS
The Federal Government’s savings in its non-oil excess account increased by 304.1% in the first year of President Bola Tinubu’s…
AfDB okays $500m fresh loan for Nigeria
The African Development Bank Group has approved a $500 million loan to the Federal Government of Nigeria to finance the…
Nigerian shipowner names ICS board director
The International Chamber of Shipping (ICS) has appointed Mr. Aminu Umar, President of the Nigerian Chamber of Shipping, as its…
FCCPC accuses Coca Cola Nigeria of misleading trade description, unfair marketing tactics
The Federal Competition and Consumer Protection Commission (FCCPC) has accused Coca-Cola Nigeria Ltd and the Nigerian Bottling Company (NBC) of…
Protests: Max Air temporarily suspends operations
Max Air has temporarily suspended its operations on August 2, 2024, due to nationwide protests. In a statement, the airline…
Karu LG enforces 6 p.m. to 6 a.m. curfew amid protests
In response to escalating violence during the nationwide protests, the Karu Local Government Council in Nasarawa State has imposed a…
Access Bank revamps digital loan platform, disburses N740bn in seven years
Access Bank has updated its digital loan platform, QuickBucks, to enhance lending services for Nigerian consumers. The revamped platform now…
Nigeria’s foreign investments rising on proposed bank recapitalisation -Cardoso
Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), attributes the recent rise in foreign investments to the ongoing…
FG to spend $7.2bn on two deep seaport projects
The Federal Government is planning to spend $7.2 billion to complete two deep seaports in Ibom and Badagry. The first…
Flour Mills declares N763bn revenue
Flour Mills of Nigeria Plc reported a 67% increase in revenue, reaching N763.2bn for the first quarter ending June 30,…
Cornerstone Insurance upbeat on recapitalisation
Cornerstone Insurance Plc is ready for any recapitalisation measures from the National Insurance Commission. This was stated by the Managing…
Monthly power subsidy soars by 151% to N211bn
The Federal Government’s electricity subsidy rose from N252.76bn to N633.30bn in the first quarter of 2024, according to the Nigerian…